Indophil Resources - IRN

[Dr_Who]

The T/O of OZL highlights how cheap IRN.

If Xstrata and Alson do not hurry up the Chinese will take this one out also.

Hey, JB Mure you got the crays ready?

[JBmurc]

The T/O of OZL highlights how cheap IRN.

If Xstrata and Alson do not hurry up the Chinese will take this one out also.

Hey, JB Mure you got the crays ready?

I sure will holding 108,000 IRN so a $1+ offer would make my year esp. if it's closer to $2

[Ish]

I sure will holding 108,000 IRN so a $1+ offer would make my year esp. if it's closer to $2

Hehe.. I got some the other week at 23.5c but unfortunately went in a bit lighter than yourself.

Seems to be a lot of upside, I couldn't really see why the share price was so depressed? other than xsastra being a bit down on its luck which might push out any takeover from them...

[Dr_Who]

Welcome on board ISH.

Gold is over $970!!! Wont be long before it hits $1k.

IRN has over 15.2moz of Au reserve.

[JBmurc]

Welcome on board ISH.

Gold is over $970!!! Wont be long before it hits $1k.

IRN has over 15.2moz of Au reserve.

And 70mill+ in the bank right when theirs major credit woes for miners
If everything went to plan from a IRN shareholders point a view we could well see a $1 divie per share return to shareholders(from Tamp sale + a cash rich Gold/cu explorer with 100mill in the bank to explore on their other prime Philippine & Aus tenements)

[Dr_Who]

Tampakan feasibility study to start in July — Xstrata

GENERAL SANTOS CITY — Swiss miner Xstrata Copper seeks to start a feasibility study of the Tampakan copper and gold project in July and will continue reviewing detailed engineering requirements and the scope of potential operations until June.

In an 85-page year-end report, parent Xstrata Plc said a review of the extended pre-feasibility study conducted last year was meant to produce a "viable development proposition" before a decision is made on the final feasibility study stage.

"In view of the preliminary outcomes of the study, and current market conditions, [the Sagittarius Mines, Inc.] management will further review the detailed engineering, processing requirements and scope of the potential operations during the first half of 2009," the company said.
Xstrata Copper owns 62.5% of the South Cotabato mine and exercises management control in the venture pursued through Philippine affiliate Sagittarius Mines.

Xstrata Copper has sent the results of the pre-feasibility study, which included 9,000 meters of drilling, to partners Australian Indophil Resources NL and Filipino conglomerate Alsons Corp.

Indophil has a 34.23% stake in Tampakan, while Alsons owns 3.27%. Details of that 2008 study, however, have remained undisclosed.
Last month, Indophil said it had no reason to amend the estimated mineral resources at the Tampakan project, which it had placed at 2.2 billion tons. In its 2008 year-end report, Indophil said it had completed in the middle of last year its own assessment while Sagittarius was doing its extended pre-feasibility study.

"Based on an improved mineral resource — confirmed by Xstrata — of 2.2 billion tons, Indophil’s assessment was at an initial mining and milling rate of 44 million tons per annum (MTPA), building to 66 MTPA for an average production over the first 25 years of 300,000 TPA of copper and 320,000 ounce per annum of gold," the Indophil report said.

In 2006, Indophil conducted a pre-feasibility study that found deposits at Tampakan, which straddles the towns of Tampakan in South Cotabato, Columbio in Sultan Kudarat and Kiblawan in Davao del Sur, have a long life and could be mined at a low cost.

For this study that pegged mineral resources at 1.97 billion tons and a mining and milling rate of 30 MTPA, Tampakan was estimated at that time to be capable of producing on average over the first 25 years of mine life 194,000 tons of copper and 213,000 ounces of gold yearly.
"The latest Indophil estimates reaffirm our view that Tampakan is one of the most attractive, low-cost and long-life undeveloped copper deposits in the world," Indophil said. Xstrata Copper earlier tried but failed to gain full control of the Tampakan project.

Violence has marred the mining project since Xstrata assumed control of Sagittarius about two years ago for $47 million.
Last month, New People’s Army rebels stormed the Tampakan police station and other local government facilities for supporting the operations of Sagittarius. Four people, including three policemen, were wounded during the attack.

In December, armed men ambushed the vehicle of a Sagittarius drilling contractor inside the mine site, killing one worker and injuring two others. On New Year’s Day last year, communist rebels also raided the exploration base camp of Sagittarius in the village of Tablu, burning facilities worth at least P12 million. The local Catholic Church and environmental groups have also opposed the mining venture due to human health and environmental concerns. — Romer S. Sarmiento

[impacman]

Thanks for that post Dr. I have been watching this thread and doing a bit of research on IRN. Was unsure of the political situation and associated risk there and the post is clear on its presence - which is good to know.

Cheers,

I-man

[Dr_Who]

Thanks for that post Dr. I have been watching this thread and doing a bit of research on IRN. Was unsure of the political situation and associated risk there and the post is clear on its presence - which is good to know.

Cheers,

I-man

It gives me great comfort that Alson (Phillipino Company) wants to buy the Tampankan stake at a premium. If there was uncertain political risks then you would not have a local company wanting in the action. The reward must be substantially much higher than the risks.

[impacman]

It gives me great comfort that Alson (Phillipino Company) wants to buy the Tampankan stake at a premium. If there was uncertain political risks then you would not have a local company wanting in the action. The reward must be substantially much higher than the risks.

That is also good to know. Are you referring to the current stake they hold (the 3.27%) or are they trying to procur more?

Cheers.

[Dr_Who]

That is also good to know. Are you referring to the current stake they hold (the 3.27%) or are they trying to procur more?

Cheers.

If you go back to the announcements last year you will find that there are two parties trying to T/O IRN at $1.28, Xstrata and Alson. Xstrata trumped Alson by acquiring 19.9%, a blocking stake. Both parties failed to successfully take full control of IRN. Alson is now looking at acquiring the IRN stake in Tanpankan instead of IRN itself. If successful, Alson will pay between $1.00-$130 for Tampankan.

The risks is that both parties will not come back for another go at IRN and its assets. The value is there, but may take time to realise it. In the meantime, there maybe some resistances at 30 cents.

Please DYOR or seek advice from your broker before investing.